Categories: F1 News, Reports and Race ResultsLotus F1

Renault signs Lotus takeover letter

Renault has confirmed the signature of a Letter of Intent ahead of its planned purchase of a controlling stake in the Lotus F1 Team.

It was announced on Monday morning there has been the signature of a Letter of Intent “regarding the potential acquisition by Renault of a controlling stake in Lotus F1 Team Ltd.”

“The signature of this Letter of Intent marks Renault’s first step towards the project of a Renault Formula 1 team from the 2016 racing season thereby extending 38 years of commitment of the brand to the world’s premier motorsport championship series.

“Renault Group and Gravity will work together in the coming weeks to eventually turn this initial undertaking into a definitive transaction provided all terms and conditions are met between them and other interested parties.”

The announcement comes with Lotus due in court on Monday over an unpaid tax bill to HMRC, with the team owing up to £2.7million in back taxes. While not a guarantee of the takeover, merely confirmation of Renault’s plans, it is expected the signature of the Letter of Intent will lead to the case being dropped.

Lotus has already confirmed Pastor Maldonado will drive for the team in 2016, but Romain Grosjean is departing for the new Haas F1 Team next season.

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Andrew Lewin

Andrew first became a fan of Formula 1 during the time when Michael Schumacher and Damon Hill were stepping into the limelight after the era of Alain Prost, Nigel Mansell and Aryton Senna. He's been addicted ever since, and has been writing about the sport now for nearly a quarter of a century for a number of online news sites. He's also written professionally about GP2 (now Formula 2), GP3, IndyCar, World Rally Championship, MotoGP and NASCAR. In his other professional life, Andrew is a freelance writer, social media consultant, web developer/programmer, and digital specialist in the fields of accessibility, usability, IA, online communities and public sector procurement. He worked for many years in magazine production at Bauer Media, and for over a decade he was part of the digital media team at the UK government's communications department. Born and raised in Essex, Andrew currently lives and works in south-west London.